Notice2021-23343
Self-Regulatory Organizations; BOX Exchange LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Introduce a New Data Product To Be Known as Open-Close Data Report and To Adopt Fees for Such Product
Primary source
Metadata and text below are from the Federal Register, a public-domain U.S. government work. Always verify the official published version before relying on it for any legal matter.
Published
October 27, 2021
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 86 Issue 205 (Wednesday, October 27, 2021)</title>
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[Federal Register Volume 86, Number 205 (Wednesday, October 27, 2021)]
[Notices]
[Pages 59439-59443]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2021-23343]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-93394; File No. SR-BOX-2021-24]
Self-Regulatory Organizations; BOX Exchange LLC; Notice of Filing
and Immediate Effectiveness of a Proposed Rule Change To Introduce a
New Data Product To Be Known as Open-Close Data Report and To Adopt
Fees for Such Product
October 21, 2021.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that
on October 13, 2021, BOX Exchange LLC (``Exchange'') filed with the
Securities and Exchange Commission (``Commission'') the proposed rule
change as described in Items I and II below, which Items have been
prepared by the self-regulatory organization. The Commission is
publishing this notice to solicit comments on the proposed rule from
interested persons.
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\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
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I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The Exchange proposes to introduce a new data product to be known
as Open-Close Data Report and to adopt fees for such product. The text
of the proposed rule change is available from the principal office of
the Exchange, at the Commission's Public Reference Room and also on the
Exchange's internet website at <a href="http://boxoptions.com">http://boxoptions.com</a>.
II. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
In its filing with the Commission, the self-regulatory organization
included statements concerning the purpose of, and basis for, the
proposed rule change and discussed any comments it received on the
proposed rule change. The text of these statements may be examined at
the places specified in Item IV below. The self-regulatory organization
has prepared summaries, set forth in Sections A, B, and C below, of the
most significant aspects of such statements.
A. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
1. Purpose
The Exchange proposes to introduce a new data product on BOX to be
known as the Open-Close Data Report, which will be available for
purchase to BOX Participants and non-Participants. The Exchange also
proposes to adopt fees for Open-Close Data Report. The Exchange will
make the Open-Close Data Report available for purchase to Participants
and non-Participants on the BOX website (<a href="http://www.boxoptions.com">www.boxoptions.com</a>).\3\ The
Exchange notes that a substantially similar product and fees for such
product currently exist at Cboe C2 Exchange, Inc. (``C2'').\4\
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\3\ The Exchange notes that the date of the Fee Schedule will be
revised to reflect the operative date of this filing.
\4\ See C2 Options Fees Schedule, Livevol Fees, Open-Close Data.
See also Securities Exchange Act Release No. 87463 (November 5,
2019), 84 FR 61129 (November 12, 2019) (Notice of Filing and
Immediate Effectiveness SR-C2-2019-23). See also Securities Exchange
Act Release No. 92173 (June 14, 2021) 86 FR 33399 (June 24, 2021)
(Notice of Filing and Immediate Effectiveness SR-C2-2021-010). C2
currently offers an Intraday Subscription and Intraday Ad-hoc
Request. BOX is not proposing to adopt these Intraday products at
this time. If BOX wishes to offer this product at a later date, the
Exchange will file a proposal with the Commission. C2 also offers
Qualifying Academic Purchasers the End-of-Day Ad-hoc Request
historical data for $500 for the first year. Each additional month
purchased thereafter will be prorated based on the $500 per year
rate. BOX is not proposing a Qualifying Academic Purchaser rate at
this time. If BOX wishes to offer this in the future, the Exchange
will file a proposal with the Commission. Lastly, during the months
of June and July 2021, C2 offered a free trial for up to three
historical months of Intraday Ad-hoc Request Open-Close historical
data to TPHs and non-TPHs who have not previously subscribed to
Intraday Open-Close Historical Data. The Exchange again notes that
it is not proposing any Intraday products at this time. However, the
Exchange proposes to provide a three-month free trial of the End-of-
Day Subscription of the Open-Close Data Report to any Participant or
non-Participant that has not previously subscribed to this offering.
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[[Page 59440]]
The Open-Close Data Report is a volume summary file for trading
activity on BOX. The Exchange notes it is proprietary BOX trade data
and does not include trade data from any other exchanges. It is also a
historical data product and not a real time data feed. Additionally,
the Open-Close Data Report will only be distributed at the end of each
day. Participants wishing to purchase historical Open-Close Data
Reports will be able to request monthly reports beginning in January
2018.\5\ The Open-Close Data Report aggregates and buckets the volume
by origin (Public Customer, Professional Customer, Broker Dealer, and
Market Maker), buying/selling, and opening/closing criteria. Public
Customer and Professional Customer volume is further broken down into
trade size buckets (less than 100 contracts, 100-199 contracts, greater
than 199 contracts).
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\5\ The historical monthly reports will contain all series in an
underlying security if the security had volume on BOX during that
month. The Open-Close Data Report file format specifications can be
found at <a href="http://www.boxoptions.com">www.boxoptions.com</a>.
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The Exchange anticipates a wide variety of market participants will
wish to purchase Open-Close Data Reports, including, but not limited
to, individual customers, buy-side investors, investment banks and
academic institutions. For example, the Exchange notes that academic
institutions may utilize the proposed Open-Close Data Report and as a
result promote research and studies of the options industry to the
benefit of all market participants. The Exchange believes the proposed
Open-Close Data Report may also provide helpful trading information
regarding investor sentiment and may be used to create and test trading
models and analytical strategies and provides comprehensive insight
into trading on BOX. It is a completely voluntary product, in that the
Exchange is not required by any rule or regulation to make this data
available and that potential subscribers may purchase it only if they
voluntarily choose to do so. As stated above, other options exchanges
offer a similar data product.\6\
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\6\ See Securities Exchange Act Release No. 55062 (January 8,
2007), 72 FR 2048 (January 17, 2007) (approving SR-CBOE-2006-88);
See also Securities Exchange Act Release No. 56254 (August 15,
2007), 72 FR 47104 (August 22, 2007) (SR-ISE-2007-70); See also
Securities Exchange Act Release No. 87463 (November 5, 2019), 84 FR
61129 (November 12, 2019) (SR-C2-2019-23).
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The Exchange proposes to provide in its Fee Schedule that
Participants and non-Participants may purchase Open-Close Data Report
on a subscription basis (end of day file) or by ad-hoc request for a
specified month (historical file). The Exchange proposes to assess a
monthly fee of $500 for subscribing to a daily update which will
consist of Open/Close data covering all Exchange-listed securities.
Participants and non-Participants purchasing Open/Close data on a
subscription basis will receive access to a daily data file.
The Exchange also proposes to assess a fee of $400 per request per
month for an ad-hoc request of historical Open/Close data covering all
Exchange-listed securities. An ad-hoc request can be for any number of
months beginning with January 2018.\7\ The proposed subscription and
ad-hoc fees will apply both to Participants and non-Participants. The
Exchange notes that other exchanges provide similar data products that
may be purchased on both a subscription and ad-hoc basis and are
similarly priced.\8\
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\7\ For example, a Participant or non-Participant that requests
historical Open/Close Data for the months of October 2018 and
November 2018, would be assessed a total of $800. The Exchange notes
that it may make historical data prior to January 2018 available in
the future and that such historical data would be available to all
Participants or non-Participants.
\8\ See e.g., Nasdaq ISE Options 7 Pricing Schedule, Section
10.A. See also C2 Options Fees Schedule, Livevol Fees, Open-Close
Data.
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The Exchange also seeks to adopt a free trial period for the End-
of-Day Open-Close Data Report for first time subscribers.\9\
Particularly, the Exchange proposes to provide a three-month free trial
of the End-of-Day Subscription of Open-Close Data Report to any
Participant or non-Participant that has not previously subscribed to
this offering.\10\ The Exchange believes the proposed trial will serve
as an incentive for new users to start subscribing to the End-of-Day
Subscription for Open-Close Data Reports. More specifically, the
Exchange believes it will give potential subscribers the ability to use
and test the data offering before signing up for additional months of
the End of Day Subscription. The Exchange also notes that other
exchanges offer a free trial for first time subscribers of similar data
products.\11\ The proposed free trial is substantially similar to the
free trial currently offered by Nasdaq ISE, which provides a 1-month
free trial to both members and non-members who have not previously
subscribed to the Nasdaq ISE Open/Close Trade Profile End of Day.\12\
Lastly, the purchase of the Open-Close data Report is discretionary and
not compulsory.
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\9\ The Exchange notes that the free trial is not available for
End-of-Day Ad-hoc Requests (historical data). If the Exchange wishes
to adopt a free month trial for this offering, it will file a
proposal with the Commission.
\10\ For example, if a Participant or non-Participant that has
not previously subscribed to the End-of-Day Subscription, subscribes
to this offering on October 22nd, then the accounting would begin on
January 22nd. The accounting will be prorated based on the number of
trading days in the month versus the number of trading days
received. The Participant or non-Participant will be charged for the
remainder of January on a prorated basis.
\11\ See Nasdaq ISE, Options 7 Pricing Schedule, Section 10A.,
Nasdaq ISE Open/Close Trade Profile End of Day. See also Cboe
Options Fees Schedule, Livevol Fees, Open-Close Data. See also C2
Options Fees Schedule, Livevol Fees, Open-Close Data.
\12\ See Nasdaq ISE, Options 7 Pricing Schedule, Section 10A.,
Nasdaq ISE Open/Close Trade Profile End of Day.
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2. Statutory Basis
The Exchange believes that the proposal is consistent with the
requirements of Section 6(b) of the Securities Exchange Act of 1934
(the ``Act''),\13\ in general, and Section 6(b)(5) of the Act,\14\ in
particular, in that it is designed to prevent fraudulent and
manipulative acts and practices, to promote just and equitable
principles of trade, to foster cooperation and coordination with
persons engaged in facilitating transactions in securities, to remove
impediments to and perfect the mechanism of a free and open market and
a national market system, and, in general to protect investors and the
public interest, and that it is not designed to permit unfair
discrimination among customers, brokers, or dealers. The Exchange also
believes that its proposal to adopt fees for Open-Close Data Report is
consistent with Section 6(b) of the Act in general, and furthers the
objectives of Section 6(b)(4) of the Act \15\ in particular, in that it
is an equitable allocation of dues, fees and other charges among its
members and other recipients of Exchange data.
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\13\ 15 U.S.C. 78f(b).
\14\ 15 U.S.C. 78f(b)(5).
\15\ 15 U.S.C. 78f(b)(4).
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In adopting Regulation NMS, the Commission granted self-regulatory
organizations (``SROs'') and broker-dealers increased authority and
flexibility to offer new and unique market data to the public. It was
[[Page 59441]]
believed that this authority would expand the amount of data available
to consumers, and also spur innovation and competition for the
provision of market data. The Exchange believes that the proposed Open-
Close Data Report would further broaden the availability of U.S. option
market data to investors consistent with the principles of Regulation
NMS. The proposal also promotes increased transparency through the
dissemination of Open-Close Data. The proposed rule change would
benefit investors by providing access to the Open-Close Data, which as
noted above, may promote better informed trading, as well as research
and studies of the options industry. Particularly, information
regarding opening and closing activity across different option series
may indicate investor sentiment, which can be helpful research and/or
trading information. Subscribers to the data may be able to enhance
their ability to analyze option trade and volume data, and create and
test trading models and analytical strategies. The Exchange believes
Open-Close Data Report provides a valuable tool that subscribers can
use to gain comprehensive insight into the trading activity in a
particular series, but also emphasizes such data is not necessary for
trading. Moreover, as discussed herein, other exchanges also offer a
similar data product.\16\
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\16\ See Securities Exchange Act Release No. 55062 (January 8,
2007), 72 FR 2048 (January 17, 2007) (approving SR-CBOE-2006-88);
See also Securities Exchange Act Release No. 56254 (August 15,
2007), 72 FR 47104 (August 22, 2007) (SR-ISE-2007-70); See also
Securities Exchange Act Release No. 87463 (November 5, 2019), 84 FR
61129 (November 12, 2019) (SR-C2-2019-23).
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The Exchange notes that it operates in a highly competitive
environment where there are currently 16 registered options exchanges
that trade options. The Commission has repeatedly expressed its
preference for competition over regulatory intervention in determining
prices, products, and services in the securities markets. Particularly,
in Regulation NMS, the Commission highlighted the importance of market
forces in determining prices and SRO revenues and, also, recognized
that current regulation of the market system ``has been remarkably
successful in promoting market competition in its broader forms that
are most important to investors and listed companies.'' \17\ Making
similar data products available to market participants fosters
competition in the marketplace, and constrains the ability of exchanges
to charge supracompetitive fees. In the event that a market participant
views one exchange's data product as more or less attractive than the
competition they can and do switch between similar products. The
proposed fees are a result of the competitive environment, as the
Exchange seeks to adopt fees to attract purchasers of the proposed
Open-Close Data Report product.
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\17\ See Securities Exchange Act Release No. 51808 (June 9,
2005), 70 FR 37496, 37499 (June 29, 2005) (``Regulation NMS Adopting
Release'').
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The Exchange believes the proposed fees are reasonable as the
proposed fees are both modest and similar to the fees assessed by other
exchanges that provide similar data products.\18\ Proposing fees that
are excessively higher than established fees for similar data products
would simply serve to reduce demand for the Exchange's data product,
which as noted, is entirely optional. Like the Exchange's proposed
Open-Close Data Report product, other exchanges offer similar data
products that each provide insight into trading on those markets and
may likewise aid in assessing investor sentiment. Although each of
these similar open-close data products provide only proprietary trade
data and not trade data from other exchanges, it's possible investors
are still able to gauge overall investor sentiment across different
option series based on open and closing interest on any one
exchange.\19\ Similarly, market participants may be able to analyze
option trade and volume data, and create and test trading models and
analytical strategies using only open-close data relating to trading
activity on one or more of the other markets that provide similar data
products. As such, if a market participant views another exchange's
open-close data as more attractive than the proposed Open-Close Data
Report product, then such market participant can merely choose not to
purchase the Exchange's Open-Close Data Report and instead purchase
another exchange's open-close data product, which offer similar data
points, albeit based on that other market's trading activity.
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\18\ See e.g., Nasdaq ISE, Options 7 Pricing Schedule, Section
10A., Nasdaq ISE Open/Close Trade Profile End of Day. See also C2
Options Fees Schedule, Livevol Fees, Open-Close Data.
\19\ The Exchange notes that its Open-Close Data Report product
does not include data on any exclusive, singly-listed option series.
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The Exchange also believes the proposed fees are reasonable as they
would support the introduction of a new market data product that is
designed to aid investors by providing insight into trading on BOX. The
proposed Open-Close Data Report would provide options market
participants with valuable information about opening and closing
transactions executed on the Exchange, similar to other historical
trade data products offered by competing options exchanges. In turn,
this data would assist market participants in gauging investor
sentiment and trading activity, resulting in potentially better-
informed trading decisions. As noted above, users may also use such
data to create and test trading models and analytical strategies.
Selling historical market data, such as Open-Close Data, is also a
means by which exchanges compete to attract business. To the extent
that the Exchange is successful in attracting subscribers for the Open-
Close Data Report, it may earn trading revenues and further enhance the
value of its data products. If the market deems the proposed fees to be
unfair or inequitable, firms can diminish or discontinue their use of
the data and/or avail themselves of similar products offered by other
exchanges.\20\ The Exchange therefore believes that the proposed fees
for Open-Close Data Report reflect the competitive environment and
would be properly assessed on Participant or non-Participant users. The
Exchange also believes the proposed fees are equitable and not unfairly
discriminatory as the fees would apply equally to all users who choose
to purchase such data. The Exchange's proposed fees would not
differentiate between subscribers that purchase Open-Close Data Report
and are set at a modest level that would allow any interested
Participant or non-Participant to purchase such data based on their
business needs.
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\20\ See Nasdaq ISE, Options 7 Pricing Schedule, Section 10A.,
Nasdaq ISE Open/Close Trade Profile End of Day. See also Cboe
Options Fees Schedule, Livevol Fees, Open-Close Data. See also C2
Options Fees Schedule, Livevol Fees, Open-Close Data.
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As noted above, the Exchange anticipates a wide variety of market
participants to purchase Open-Close Data, including but not limited to
individual customers, buy-side investors, investment banks and academic
institutions. The Exchange reiterates that the decision as to whether
or not to purchase the Open-Close Data Report is entirely optional for
all potential subscribers. Indeed, no market participant is required to
purchase the Open-Close Data Report, and the Exchange is not required
to make the Open-Close Data Report available to all investors. Rather,
the Exchange is voluntarily making the historical Open-Close Data
Report available, as requested by customers, and market participants
may choose to receive (and pay for) this data based on their own
business needs. Potential purchasers may request the data at any time
if they
[[Page 59442]]
believe it to be valuable or may decline to purchase such data.
The Exchange also believes that the proposed free trial for any
Participant or non-Participant who has not previously purchased End-of-
Day Open-Close Data Report is reasonable because such users would not
be subject to fees for 3 months' worth of End-of-Day Open-Close Data.
The Exchange believes the proposed free trial is also reasonable and
not unfairly discriminatory as it will give potential subscribers the
ability to use and test the End-of-Day Open-Close Data Report prior to
purchasing additional months and will therefore encourage and promote
new users to purchase the End-of-Day Open-Close Data Report. The
Exchange believes it is reasonable to only offer the free trial for
End-of-Day subscription requests and not ad-hoc requests because the
opportunity to use and test the End-of-Day Open-Close Data Report is
not necessary for ad-hoc requests. The purpose of the proposed free
trial period is to allow new users to test the product and incentivize
Participants and non-Participants to subscribe to additional months.
However, when a Participant or non-Participant makes an ad-hoc request
for End-of-Day Open-Close data, they are merely making a one-time
request for a discrete period of data. The Exchange believes that the
proposed discount is equitable and not unfairly discriminatory because
it will apply equally to all Participants and non-Participants who have
not previously purchased End-of-Day Open-Close data. Similar to the
proposed change, another exchange offers a one-month free trial for
their End-of-Day Open/Close Trade Profile subscription for members and
non-members who have not previously subscribed to the offering, but not
for the intraday product or ad-hoc requests.\21\ Lastly, the purchase
of this data product is discretionary and not compulsory.
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\21\ See Nasdaq ISE, Options 7 Pricing Schedule, Section 10A.,
Nasdaq ISE Open/Close Trade Profile End of Day.
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B. Self-Regulatory Organization's Statement on Burden on Competition
The Exchange does not believe that the proposed rule change will
impose any burden on competition not necessary or appropriate in
furtherance of the purposes of the Act. In this regard and as indicated
above, the Exchange notes that similar products and fees are offered at
another exchange.\22\ The Exchange believes that the proposal will
promote competition by permitting the Exchange to introduce and sell a
data product similar to those offered by other competitor options
exchanges.\23\ The Exchange is proposing to introduce the Open-Close
Data Report in order to keep pace with changes in the industry and
evolving customer needs and believes this proposed rule change would
contribute to robust competition among national securities exchanges.
As noted, at least three other U.S. options exchanges offer a market
data product that is substantially similar to the Open-Close Data
Report product discussed herein. As a result, the Exchange believes
this proposed rule change permits fair competition among national
securities exchanges.
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\22\ See supra note 3 [sic].
\23\ See supra note 19 [sic].
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Furthermore, the Exchange operates in a highly competitive
environment, and its ability to price the proposed data product is
constrained by competition among exchanges that offer similar data
products to their customers. As discussed, there are currently a number
of similar products available to market participants and investors. At
least three other U.S. options exchanges offer a market data product
that is substantially similar to the Open-Close Data Report discussed
herein, which the Exchange must consider in its pricing discipline in
order to compete for the market data.\24\ For example, proposing fees
that are excessively higher than established fees for similar data
products would simply serve to reduce demand for the Exchange's data
product, which as discussed, market participants are under no
obligation to utilize. In this competitive environment, potential
purchasers are free to choose which, if any, similar product to
purchase to satisfy their need for market information. As a result, the
Exchange believes this proposed rule change permits fair competition
among national securities exchanges.
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\24\ See e.g., Cboe Options Fees Schedule, Livevol Fees, Open-
Close Data. See also C2 Options Fees Schedule, Livevol Fees, Open-
Close Data. See also Nasdaq ISE Options 7 Pricing Schedule, Section
10.A.
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The Exchange also does not believe the proposed fees would cause
any unnecessary or inappropriate burden on intermarket competition as
other exchanges are free to introduce their own comparable data product
and lower their prices to better compete with the Exchange's offering.
The Exchange does not believe the proposed rule change would cause any
unnecessary or inappropriate burden on intramarket competition.
Particularly, the proposed product and fees apply uniformly to any
purchaser, in that it does not differentiate between subscribers that
purchase Open-Close Data. The proposed fees are set at a modest level
that would allow any interested Participants or non-Participants to
purchase such data based on their business needs.
The Exchange also does not believe that the proposed rule change
relating to the free trial will impose any burden on intramarket
competition that is not necessary or appropriate in furtherance of the
purposes of the Act because the proposed rule change will apply to all
Participants and non-Participants who have never made request to
purchase the End-of-Day Open-Close Data Report. Moreover, purchase of
Open-Close Data Report is discretionary and not compulsory.
The Exchange also does not believe that the proposed rule change
will impose any burden on intermarket competition that is not necessary
or appropriate in furtherance of the purposes of the Act because the
proposed change applies only to the Exchange. Furthermore, other
exchanges currently offer a similar free-trial period for similar
data.\25\
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\25\ See Nasdaq ISE, Options 7 Pricing Schedule, Section 10A.,
Nasdaq ISE Open/Close Trade Profile End of Day. See also Cboe
Options Fees Schedule, Livevol Fees, Open-Close Data. See also C2
Options Fees Schedule, Livevol Fees, Open-Close Data.
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C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants, or Others
The Exchange has neither solicited nor received comments on the
proposed rule change.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
The Exchange has filed the proposed rule change pursuant to Section
19(b)(3)(A) of the Act \26\ and Rule 19b-4(f)(6) \27\ thereunder.
Because the foregoing proposed rule change does not: (i) Significantly
affect the protection of investors or the public interest; (ii) impose
any significant burden on competition; and (iii) become operative for
30 days from the date on which it was filed, or such shorter time as
the Commission may designate, it has become effective pursuant to
Section 19(b)(3)(A) of the Act \28\ and Rule 19b-4(f)(6) \29\
thereunder.
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\26\ 15 U.S.C. 78(b)(3)(A).
\27\ 17 CFR 240.19b-4(f)(6).
\28\ 15 U.S.C. 78s(b)(3)(A).
\29\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6)(iii)
requires the Exchange to give the Commission written notice of the
Exchange's intent to file the proposed rule change, along with a
brief description and text of the proposed rule change, at least
five business days prior to the date of filing of the proposed rule
change, or such shorter time as designated by the Commission. The
Exchange has satisfied this requirement.
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[[Page 59443]]
A proposed rule change filed under Rule 19b-4(f)(6) \30\ normally
does not become operative prior to 30 days after the date of the
filing. However, pursuant to Rule 19b-4(f)(6)(iii),\31\ the Commission
may designate a shorter time if such action is consistent with
protection of investors and the public interest. The Exchange has asked
the Commission to waive the 30-day operative delay so that it may
become operative immediately upon filing to allow the Exchange to
compete with exchanges that already have substantially similar products
in place and to allow potential subscribers to use and test the data
before purchasing the Open-Close Data Report. The Commission believes
that, as described above, the Exchange's proposal does not raise any
new or novel issues. Therefore, the Commission believes that waving the
30-day operative delay is consistent with the protection of investors
and the public interest. Accordingly, the Commission designates the
proposed rule change to be operative upon filing.\32\
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\30\ 17 CFR 240.19b-4(f)(6).
\31\ 17 CFR 240.19b-4(f)(6).
\32\ For purposes only of waiving the 30-day operative delay,
the Commission also has considered the proposed rule's impact on
efficiency, competition, and capital formation. See 15 U.S.C.
78c(f).
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At any time within 60 days of the filing of the proposed rule
change, the Commission summarily may temporarily suspend such rule
change if it appears to the Commission that such action is necessary or
appropriate in the public interest, for the protection of investors, or
otherwise in furtherance of the purposes of the Act. If the Commission
takes such action, the Commission will institute proceedings to
determine whether the proposed rule change should be approved or
disapproved.
IV. Solicitation of Comments
Interested persons are invited to submit written data, views, and
arguments concerning the foregoing, including whether the proposed rule
change is consistent with the Act. Comments may be submitted by any of
the following methods:
Electronic Comments
<bullet> Use the Commission's internet comment form (<a href="http://www.sec.gov/rules/sro.shtml">http://www.sec.gov/rules/sro.shtml</a>); or
<bullet> Send an email to <a href="/cdn-cgi/l/email-protection#a4d6d1c8c189c7cbc9c9c1cad0d7e4d7c1c78ac3cbd2"><span class="__cf_email__" data-cfemail="0173746d642c626e6c6c646f7572417264622f666e77">[email protected]</span></a>. Please include
File Number SR-BOX-2021-24 on the subject line.
Paper Comments
<bullet> Send paper comments in triplicate to Secretary, Securities
and Exchange Commission, 100 F Street NE, Washington, DC 20549-1090.
All submissions should refer to File Number SR-BOX-2021-24. This file
number should be included on the subject line if email is used. To help
the Commission process and review your comments more efficiently,
please use only one method. The Commission will post all comments on
the Commission's internet website (<a href="http://www.sec.gov/rules/sro.shtml">http://www.sec.gov/rules/sro.shtml</a>).
Copies of the submission, all subsequent amendments, all written
statements with respect to the proposed rule change that are filed with
the Commission, and all written communications relating to the proposed
rule change between the Commission and any person, other than those
that may be withheld from the public in accordance with the provisions
of 5 U.S.C. 552, will be available for website viewing and printing in
the Commission's Public Reference Room, 100 F Street NE, Washington, DC
20549 on official business days between the hours of 10:00 a.m. and
3:00 p.m. Copies of the filing also will be available for inspection
and copying at the principal office of the Exchange. All comments
received will be posted without change. Persons submitting comments are
cautioned that we do not redact or edit personal identifying
information from comment submissions. You should submit only
information that you wish to make available publicly. All submissions
should refer to File Number SR-BOX-2021-24 and should be submitted on
or before November 17, 2021.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\33\
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\33\ 17 CFR 200.30-3(a)(12).
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J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2021-23343 Filed 10-26-21; 8:45 am]
BILLING CODE 8011-01-P
</pre><script data-cfasync="false" src="/cdn-cgi/scripts/5c5dd728/cloudflare-static/email-decode.min.js"></script></body>
</html>Indexed from Federal Register on October 27, 2021.
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